Can someone with some experience please help me!!

jessica4

I am 27 and basically I have awful credit from years ago (when I was 18 I applied for everything I could get and never paid it back). I got a mortgage with Birmingham Midshires 5 years ago and although I have had arrears in the past I am up to date now and the same applies to my secured loan with Swift. Eventually I grew up and with the help of the CCCS I contacted all of my creditors and I now pay them £1 a month against my arrears (most of them will take forever to clear but I can’t afford any more and I have just resigned to the fact that I will always have bad credit but at least I am under arrangements to pay and the debts are slowly going down).I also have 3 CCJs, which will all be coming to an end within the next 3 years.
I have now met my partner (who also has bad credit from the past but as he isn’t on the electoral role yet so can’t get a bank account, we don’t actually know the extent of his report, but we are working on sorting all of this out as we speak) and we want to get a mortgage together. We plan on saving £15,000 over the next 18 months/2 years for a deposit and then I plan to change my current mortgage to a buy to let so we have this as an investment for the future.
Is there any advice you can give me to improve/help my situation or in your opinion have we done/are we doing all we can?
I understand it will be difficult for us to get a mortgage but I’m hoping that with a 10% deposit a broker will be able to find us something....do you think this is possible?
Thanks
Jessica

Thrugelmir

While you repaying your creditors a £1 a month. You'll find it impossible to obtain another mortgage.

If your partner is contributing to your household expenses. Then it should be possible for you to speed up repayment of your debts.

jessica4

Thank you for your reply.
No I am still living alone as my partner is staying at hi sparent's while we save up so no I can't afford to pay any more.
I have had debts that I have cleared and some that I pay pack in full payment each month but there are just several that I cannot afford so pay them a token payment.
I have been told that as long as we have a deposit we will get a mortgage but that it will probably be on high interest so I am hoping this is correct....

beecher2

I don't understand the logic in saying you can't afford to pay more off your debts, but can afford to save. I'd advise going onto the Debt Free Wannabee forums and getting help in clearing your debts before saving for a deposit.

jessica4

I have took on a second job to earn the money to directly go in to my savings account, I want to settle down and move out in to a new house as much more of a priority than paying back none priority debts.
If I chose to pay everything back in full before moving it would never happen and I want to love my life.

opinions4u

jessica4 wrote: »

I have took on a second job to earn the money to directly go in to my savings account, I want to settle down and move out in to a new house as much more of a priority than paying back none priority debts.
If I chose to pay everything back in full before moving it would never happen and I want to love my life.

I think that makes you selfish with no sense of personal responsibility.

A shocking attitude where other people end up paying the bill for your mess.

There is a legal way out of it. Bankruptcy.

beecher2

jessica4 wrote: »

I have took on a second job to earn the money to directly go in to my savings account, I want to settle down and move out in to a new house as much more of a priority than paying back none priority debts.
If I chose to pay everything back in full before moving it would never happen and I want to love my life.

Your debts will count against you when you come to apply for mortgages so you may find you have to face up to them at some point. I would definitely advise going over to Debt Free Wannabee for help once you have your lightbulb moment.

Suarez

Is this a wind up?

DVardysShadow

jessica4 wrote: »

I have took on a second job to earn the money to directly go in to my savings account, I want to settle down and move out in to a new house as much more of a priority than paying back none priority debts.
If I chose to pay everything back in full before moving it would never happen and I want to love my life.

No one is going to be very sympathetic to you while you run a savings account and save up £15000 for a deposit on a house at the same time as paying back some debts in full and paying back nominal amounts on others.

And as a practical matter, your dream will most likely turn into a nightmare. If you buy a house and put in £15000, remember that your creditors still have a handle on you because you are paying a nominal amount. They constantly do searches on people in your position and will realise sooner or later that you own your house - most likely when your mortgage is added to your credit report.

Once this happens, you can expect a charging order on your house very shortly thereafter. Creditors have a weary resignation to people who get in a mess and have to make nominal payments. But to do as you propose and put good money into a house while making nominal payments is just taking the mick - and this is exactly how they will take it.

Once there is a charging order, or a restriction on the house, as soon as you need to move, they will come after you and have their money back from you.

It would be far wiser to accept a delay, pay off your debts, save for a house and enjoy it in peace.

jessica4

Thank you all for your replies...some of you clearly need to get a life and stop moaning at others but there you go.
Thank you beechers2 I have reposted this on the debtfreewannabe forum and have recieved some good advice.
DVardysShadow I understand what you are saying but I have had a mortgage for 5 years and all of my creditors are aware of this and have still accepted my token payments.
I do understand to some of you this may seem selfish but
but at the end of the day I am not hurting anyone and sometimes in life you have to be selfish so that you can enjoy your life! We don’t have a long one after all.
I have not had the best start so now I am happy I just want to save and move out and have a nice life, I refuse to work 2 jobs for years and years to pay back old debts before I can start to enjoy my life just to do ‘’the right thing’’

Thrugelmir

jessica4 wrote: »

I just want to save and move out and have a nice life, I refuse to work 2 jobs for years and years to pay back old debts before I can start to enjoy my life just to do ‘’the right thing’’

Good luck for the future. You may find underwriters at the mainstream lenders a less forgiving bunch of people though in the future when it comes to advancing more money.